Suppose NextGen Technologies borrowed $2,500,000 on December 31, 2016, by issuing an 11 percent long-term...
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Suppose NextGen Technologies borrowed $2,500,000 on December 31, 2016, by issuing an 11 percent long-term debt that must be paid in four equal annual instalments plus interest commencing January 2, 2018. Required Insert the appropriate amounts in the following excerpts from the company's partial balance sheet to show how NextGen Technologies should report its current and long-term liabilities for this debt. Complete the following table to show how NextGen Technologies should report its current and long-term liabilities. (If a value is zero, enter a "0". Enter a value in each cell.) December 31, 2017 2018 2019 2020 Current liabilities: Current portion of long-term debt Interest payable Long-term liabilities: Long-term debt
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